Operator
Ladies and gentlemen, thank you for standing by. And welcome to the Teladoc first-quarter 2021 earnings conference call. [Operator instructions] I will now turn the conference over to Patrick Feeley, vice president of investor relations. Please go ahead.
Patrick Feeley
Vice President of Investor Relations
Thank you, and good afternoon. Today, after the market closed, we issued a press release announcing our first-quarter 2021 financial results. This press release and the accompanying slide presentation are available in the investor relations section of the teladochealth.com website. On this call to discuss the results are Jason Gorevic, our chief executive officer; and Mala Murthy, our chief financial officer.
Dive Brief:
Virtual care powerhouse Teladoc reported a wider-than-expected net loss in the first quarter, but beat Wall Street estimates on revenue with a topline of $454 million, up 151% year over year, driven by growth in specialty offerings and multi-product contracts.
The Purchase, New York-based vendor saw particularly strong growth in U.S. subscriptions paid by insurers and employers, more than tripling on a year-over-year basis. Teladoc slightly increased its full-year guidance following the results released aftermarket Wednesday, but membership and visit expectations remained unchanged.
CEO Jason Gorevic contended he is unworried about mounting competition in the lucrative telehealth space, banking the company s heft and variety of clinical services will fend off entrenched rivals and new entrants like Amazon.
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What happened
Shares of
Teladoc Health (NYSE:TDOC) were sliding today after the telehealth leader posted strong revenue growth in its first-quarter earnings report but couldn t meet high expectations. The stock was an early winner in the pandemic, and it has faced increasing pressure as vaccines roll out and the stay-at-home tailwinds of the crisis fade.
As of 10:56 a.m. EDT, the stock was down 8.6%.
Why Teladoc Health Stock Was Falling Today fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.
Claus Jensen
Teladoc Health has hired Claus Jensen as its chief innovation officer, the Purchase, N.Y.-based telehealth giant announced Monday.
As chief innovation officer, Jensen will lead Teladoc s research and development team.
Jensen most recently served as chief digital officer and head of technology at Memorial Sloan Kettering Cancer Center, a role he was appointed to in 2019.
He was the New York City-based cancer center s first-ever chief digital officer. Before joining Memorial Sloan Kettering, Jensen had previously worked as chief technology officer and head of architecture at CVS Health and held various technology leadership roles at IBM and Danske Bank.